Agribusiness FBLA

What is agribusiness?

business of farming, food production, and all activities related to getting agricultural products to consumers

What is a supply chain?

process that moves agricultural products from farms to consumers, including production, processing, and transportation

What is precision farming?

technology to improve farming, increase crop yields, and reduce waste

What are GMOs?

plants or animals that have been altered to improve their traits

What is crop rotation?

growing different crops in the same field to improve soil health

What does GDP stand for?

Gross Domestic Product: a measure of a country's economic output

What is organic farming?

way of farming where no synthetic pesticides or fertilizers are used

What is a target market?

a particular group of consumers at which a product or service is aimed

What is pricing strategy?

how a company decides the price of its products based on factors like costs, competition, and demand

What is advertising?

the public promotion of a product or service

What is a balance sheet?

financial statement that shows a company's assets, liabilities, and equity

What is cash flow?

movement of money in and out of a business

What is entrepreneurship?

the process of starting, organizing, managing, and assuming the responsibility for a business

What is market research?

gathering information about consumers and competitors to make better business decisions.

What is sustainable farming?

farming methods that minimise harm to the environment but still give good yields

What is irrigation?

application of water to crops to assist growth - usually a system

What is hydroponics?

method of growing plants without soil, using nutrient-rich water instead

What is crop diversity?

variety of crops grown to reduce risk and increase resilience

Who are enviornmentalists?

someone that advocates for the protection of the Earth/environment

What is blockchain in agriculture?

to track the movement of products from farm to market

What is a seed bank?

stores seeds to preserve plant diversity and ensure future crop availability

What is RFID technology?

RFID (Radio Frequency Identification) is used in agriculture to track livestock and equipment

What is vertical farming?

Growing crops in vertically stacked layers

What is farm labor shortage?

when there are not enough workers to meet the demand for agricultural work

What is the role of biotechnology in agriculture?

develop crops that are more resistant to pests, diseases, or environmental stress

What is food waste?

refers to edible food that is discarded or not consumed

What is regenerative agriculture?

restoring soil health and increasing biodiversity to improve the environment

What is intellectual property?

A work that is the result of creativity

What is the EPA?

government agency responsible for protecting human health and the environment

What is the Fair Labor Standards Act (FLSA)?

regulates employee overtime status, overtime pay, child labor, minimum wage, record keeping, and other administrative concerns

What is corporate social responsibility (CSR)?

company's responsibility to contribute positively to society and the environment

What is food safety?

practices to prevent contamination and ensure food is safe to eat.

What are the four main types of agricultural business insurance?

Property, health, life, crop, and liability insurance

What should be included in a farm's first aid training?

Basic medical care, such as CPR, wound treatment, and how to manage farm-related injuries

What are common hazards in agriculture that need to be addressed?

Pesticide exposure, machinery accidents, livestock handling injuries, and environmental hazards.

What are the potential positive impacts of agriculture on the environment?

Soil enrichment, renewable energy production, and biodiversity conservation.

What ethical standards should agricultural businesses follow?

Fair labor practices, responsible use of resources, and transparent business practices.

What is a niche market in agriculture?

market that targets a specific customer group with unique needs

How can agricultural businesses develop effective marketing strategies?

promoting unique product features, and choosing appropriate distribution channels

What is the role of global supply and demand?

influences prices, availability of products, and trade policies

What financial statements should an agricultural business prepare?

Balance sheet, income statement, and cash flow statement

What is the importance of risk management in agricultural finance?

protect the business from unexpected losses due to market fluctuations, natural disasters, or other risks.

What is return on investment?

compares the money earned (or lost) on an investment to the amount of money being invested

What regulations help keep agriculture safe?

OSHA and EPA regulations

How can a farm create a strong brand?

offering high-quality products and using a unique name or logo

How does farming impact local communities?

creates jobs and supports local businesses

What is risk management in farming?

Protecting the business from losses

Why is it important to keep track of farm inventory?

avoid waste and ensure the right products are available when needed

What are tax forms farmers need to fill out?

W-4, I-9, and 1099 for workers and taxes

What is a bank reconciliation?

Checking your financial records with the bank's records

How do new technologies affect farming?

farming more efficient and reduces costs

What is the water cycle, and why is it important for farming?

movement of water through the environment, and farmers need it to grow crops

What laws affect farming?

land use, pollution, and worker safety

How does globalization affect farming?

opens up new markets for products but also increases competition

What are some current issues in agriculture?

Climate change, water scarcity, and changing trade policies

How can farming affect other systems like the environment?

less water, for example, can help preserve soil and improve crop production

What are the costs of doing business on a farm?

Labor, equipment, materials, and other operational expenses

Why do farmers need to know their return on investment?

understand if their business is making a profit.

How do agricultural businesses work in a capitalist economy?

Businesses are privately owned and compete in the market

How big is agriculture's role in the U.S. economy?

contributes significantly to the country's GDP, including food and farming industries

How can farmers tell the public about their products?

advertising, social media, and education

What is a marketing analysis?

Studying competitors, customers, and market trends to improve sales

How can farms show they care about safety?

following safety rules, training workers, and using protective gear.

What are examples of personal safety practices on a farm?

Wearing gloves, helmets, and using equipment properly.

Why is sustainability important in agriculture?

ensure farming can continue for future generations without damaging the environment